TO ALL THE NEWBIE'S THAT WANT TO SUCCEED

First you must find out how much is owed on the home, Then find out what homes have sold for in the last 90 days in you area and this will get you close to the FMV. Make sure the homes are compatable to yours when you are pulling comps.

Randy

I was also wondering if I am allowed to advertise the house for sale as my house once I have the initial contracts signed by the seller?

Also if we agree upon a price and sign the necessary contracts does that make me responsible in anyway what so ever to make any payments that they owe on the house?
Someone please help I'm in the process of my first deal and have the chance to lock this property up right now.

I've made an offer that has been accepted they already know my exact intentions of assigning this property to someonelse for a profit.

All I need is the answer to my question and mississippiangels question of course as to what paperwork to sign first with the seller to lock this property up on contract? I live in California and want to know the correct way to do so I have already contacted an attorney to figure all this out but my appointment is not till the 30th and I need this info now!!!
Please and thanks for any ideas. God Bless

Just finished reading through the pages of this post and found a couple of things that will push us to keep going.

We have been to an auction already and are going to an REI club meeting as guests on Wednesday.

What we found that helps is the inexpensive plastic bandit signs and handwriting them with a marker.

We also loved the comments from Carol S. and others about going in to meetings etc. like we know what we're doing.

We are crazy enough to believe that this will work!

Jim and Alice

Well actually I should thank all of you. So thanx all! Carol you and Randy are such an inspiration and I am so grateful that you guys still come here to interact with all of us! I have a few question that I hope you guys or someone that reads this can clarify. First of all I am confused about the exact paperwork I should use. In the books there are Offers to Purchase, Agreements to Purchase, and Options to Purchase. I believe the Option to purchase is used with the sandwich lease deal but is the Purchase Agreement also used? AND which one of these forms to I use to submit an Offer? Seems obvious that I would use the Offer to Purchase but if I do that do I sign it first then present it to the seller? If Seller accepts it then do I re-write everything onto the Agreement to Purchase and re-submit for Seller to sign again? OR are the Offer to Purchase and Agreement to purchase pretty much the same thing; and either of them will work to make an offer? Which one is the actual contract? THEN when which ever one of those is accepted (my offer gets accepted) I assume that means if the seller signs it. and if they do sign the proper paperwork and the deal is sealed I know I start marketing to my buyers list and everywhere else I can think of but what do I physically do with the accepted offer? Am I supposed to take it somewhere? record it somewhere? file it somewhere?

Also, the earnest money; now I know earnest money does not (or does it?) need to be submitted with my offer? I was thinking that the earnest money did not need to be given to anyone until the offer had been accepted. BUT how does this work? I mean if I got a couple of deals accepted I would not even have so much as a hundred dollars to put up as earnest money being that I live on a fixed income and litterally can not show you one dollar by the last week of the month! I realize also that you get your earnest money back and that you can simply submit (fax a copy of) a cashiers check but you actually have to pay the face value to even get a cashiers check don't you? hmmmmm that is whaty has me baffled and I have got to figure a way to get this done! I just got my edge 2010 home study course and WOW! you all are so inspiring and I know it is way past time that I get off my rump and get some deals done! I ordered Be A RE Millionaire in February 2008! Then I ordered Your Town and Profit Now (YTYRP; PFRRN) about a year after that! Now I have the edge 2010 dvds! ENUFF already! I have read and read and read and studied and studied and everything except do a deal! I am hoining the Success Academy next month when I get paid but for now I think it would clarify some things I stumbled over as I actually tried to put an offer in over the weekend so since I got stuck on those things I got fraidy cat and didn't make the offer please help! Thank you sooooooo much!!!!!

Angelisa, Mississippi

I need someone to tell me where to get the discharge of agreement to purchase statement please if anyone can help I would appreciate it thanks.

Hi Faye, I too have a spouse that does not share my enthusiasm for Dean's books and programmmes! I am glad you are not giving up either! The ironic thing is that my husband is a builder and wants to buy, fix and flip and he has absolutely no idea how to do it. He keeps telling everyone and is trying to find financial partners! I can't wait to get my first deal and show him how to make our own money for investing! My mother always told me I have the patience of a saint but I'm also stubborn as heck so I think I can do this! Keep at it and good luck.

It's great to have a forum where you can admit that you're a little intimidated. It's great to see the success of others and where you can get inspired at. Keep it coming my fellow investors family.

To everyone success!
Tee

I thank you for the advice you gave and I'm going to or I have already began to do just that. I would like to know what was the first thing of which you began to do when you were a newbie to start and do your first deal? Will you share that with me so that I may do my first deal. I fill that once I just get that first one out of the way and put some omey in my pocket and post a copy of the first check ever made in real estate that then I will fill so much better and the rest should be much easier to do. I lone for the day when I can say I did my first deal my second deal and so on.

Thanks Randy for all of your help and assistance.
Wint

look up at the top left of this page; under Dean's chin. Type discharge of agreement or however it is worded. Anyway that box under Dean's chin up there is my bestest friend! LOL that is a search box and you can find all kinds of stuff by just typing keywords or phrases in that box then just hit your "enter" key and wait a few seconds and you will have just what you need! AWESOME TOOL! I know the form is on here because I printed it not long ago. ALSO you can look on left side over there; scroll down until u see forms and docs or something like that. There is a link over there that will also take you to the place you need to be to print your form. hope that helps ya. Good Luck.

The very first deal I did was a assignment. when I did it in MO everyone told me it was illegal and couldn't be done. But when it was All said and done I did it . The success acamandy really helped me on this one.

Randy

This is what its all about. You have to keep a positive attitude and run with the winners if you really want to take it to the next level. All it does take time and being willing to change. I am so impressed withe all the new faces and names on here.

Randy

Thank you mississippiangel I tried to use the search bar before but no worries I will try and try again until I find it.

Dean was right, stop thinking and start doing.
Since I quit being afraid and just took action the other day even though I barly know what im doing I have locked up a killer deal I have 5 more deals to look at today and it seems as if everything is coming together.

Thank you Randy you are the best. And God Bless to all DGF.

Like I said early, And this is for everyone. Keep taking action of some sort, Even if its reading and study. Action and fear do not go togather.

Randy

I have a great agent and we have been looking at a lot of foreclosures. He asked me for proof of funds, which is I can get but he said it has to be in my name. Would coastal funding or another company for POF work? So soon we will start submitting offers, my concern is being able to get out of a contract with the bank if my buyers don't want it. Any suggestions on this?

I know I can but contingencies in the offer to allow me to get out of it...

Any input would be great!

I have never used them, Bit I do know of people that have, I buy myself some time on contracts pending inspection are partners approval.

Randy

We used coastal funding POF on our current deal that is a HUD REO home.

Do you have your buyers in place.

Like Randy said the inspection is the best contingency. Try to make it 14 days or more out.

Steve

I am still stuck on the earnest money! How does this work? I know you don't have to actually put it up until offer is accepted but what if the offer is accepted and you don't have any money?

Also, the contracts.... which one is the actual contract? There is the Offer to Purchase, The Agreement to Purchase, anf the Option to Purchase. Which one do I use? If I use the Offer to Purchase and everything is agreed to by me and seller then do i turn around and re-write it onto the agreement to purchase? THEN whichever one IS USED; what do I do with an accepted offer?

File it? Take it somewhere? record it?

someone please help I have posted this question several times and in several places but no responses???????????

1) When assigning, do I have to find the title company to use or is do I have to use the seller's company?
2)Do I have to show a copy of the purchase contract containing all of the closing & agent fees, etc., to my investor when I present my assignment of contract agreement? If not, should I disclose all of that info to him verbally at all?

I hope someone can answer this for me because the process is still cloudy for me as I try to gather up as much info as I can.

Sorry I have been gone for a few days, But i will start get started on getting caught up. I am so glad that i keep and open mind, By doing this its just unbelievable what i can lean each day.

Randy

I'm a newbie to this whole REI as well and I love this forum. But I have noticed that a lot of investors here that achieved some success always stated that they had no money in the bank, no job or like you said bankrupt but for some reason, they were able to afford joining the Success Academy which is out of reach for me, who is literally living paycheck to paycheck and can't afford to pay that much to join.

What exactly did you guys do to get the money to join the Success Academy despite the fact that you guys had no money and no job. Like I said, no offense, just curious. Thanks for all the advice

Sale, borrower, Hock my truck and everything and anything it took. The success academy does have a payment plan.

Randy

Can somebody help me with a letter, maybe a common script to send to potential buyers, I am working on each segment of this at a time, and find myself with a brain freeze on this one. It would be greatly appreciated.

You can try different type of letters to see which one works best for you. Dean and Matt talked about this on the last conference call. If you have his book its also talked about it in it. This is what it takes to be successful. Taking the time to do the research and see what works for you. Hope this helps'

Randy

Thanks Randy for your quick responce, I ordered Deans latest book last week, I expect it in the next day or so. Really looking foreward to it. I think this will give me the jump start I need. Regards Wayne

When you get the book. Read it then read it again. Then decided what strategy best fits you. then read that chapter again. Make a game plan then read it again. But then at the same time don't forget about the success academy. The coaches and material you receive with it will help anyone that wants to succeed. Wish you the best of luck.

randy

For my buyers list I plan on using a local phone number. Does anyone have advice on an ad or bandit sign to find motivated sellers? Should I use a local or an 800 number?
Thanks

I really feel like I'm on the right track here. I actually heard how good and detailed Dean's Program was when researching another Real Estate program. The other program was panned while Dean's was praised. I'm also glad to find you all here. I've ordered two of the books as well as the "Think a Little Different" set. I take care of my elderly Father full time but I need to think about my future and I want to study now and be prepared. I have a VERY positive state of mind and I fully believe the saying "If you think you can...or if you think you can't...you're right" and I KNOW I can.

I am interested in the success academy. Lead me in the right direction someone please

http://www.deansacademy.com/
Happy to help when I can

When starting out, If you would like you could try both numbers to see which one you get the most response out of. I now only use a local number for myself. If you look in deans book their is several examples of signs in it.

Randy